WASHINGTON, DC – Americans prefer to rent now and buy later, according to the results of this National Housing Survey conducted that Fannie Mae, where 33% said they would rent if you move 60% of renters will continue to do instead of buying a house.
“While most Americans believe that home prices have bottomed, they are adopting a much more cautious approach regarding the purchase,” said Doug Duncan, Vice President and Chief Economist of Fannie Mae.
According to the survey, delinquent borrowers are discouraged about the safety of a home as an investment and 44% said they prefer to rent rather than buy. However 63% of them said they plan to buy a house at some point in the future, that percentage dropped four points since January.
“While most Americans still want to own a home, are waiting to be safer housing market to be able to afford to buy,” said Cristina Miranda, representative of Fannie Mae.
For many families, renting may be the best option in the short and long term, allowing lower monthly payments, improve credit score or have more time to save money for a down payment on a house, advised Cristina Miranda.
New policies of Fannie Mae
Fannie Mae recently started a new strategic default policy designed to deter people who want to leave their home.
“Leave your home is bad for everyone who is in default, neighbors whose prices of their own homes will be affected and the taxpayers who have to foot the bill. So if you can afford the house, but decided to leave his home, you will have to wait seven years instead of five to get a new loan backed by Fannie Mae, “says Miranda.
According to Miranda, this new policy has been driven with the aim to encourage borrowers who are behind on their loans to call their mortgage servicers and find a way to avoid foreclosure.